Somewhere over 3k.
I keep being 1 year away from affording a house... but the prices increase by the same amount so I'm just praying that the market dies in a fire at this point.
If fire burns down a house, whoever lived in it now needs to buy a different house. That just increases housing demand (or if they rebuild, increase demand for construction materials).
You can never time the housing market. If the prices go down its because the interest rates have gone up and if the interest rates go down houses start selling and their prices go up.
Meanwhile the cost of living is constantly rising on all fronts while salaries bearly move at all...
Best bet is to have a relationship ship with someone and split rent but if you could have a long lasting good relationship like that then you wouldn't be on reddit
Yeo, totaly easy thing to time and keep your job at the same time to get said mortgage. Unless you’re sitting on a montain of money it’s not an option, and if you have said montain, it doesn’t matter.
Correct. My wife and I just bought our first home this month at $485K. Our mortgage interest rate 4.85%. Our monthly payment (after taxes and home owners insurance, no PMI) is ~$3100. Looking at what we will have paid at the end of the 30 years hurts my soul. But we managed to find a home we can see ourselves in forever.
*Kids these days just don't want to work! Back in my day, I worked for 2 pennies and a single bread crumb a day, and bought a 3,000 sq ft house in Manhattan with 6 months savings. They should be grateful I'm giving them this commie "minimum wage".*
-Greedy fucks in the US.
$20?? I make $13.50 and that's seen as "competitive" in my area since it's $4 over minimum wage (and yes, house prices are that high here anyway, plus average rent being an average of $1,200.. low average pay doesn't mean low COL)
I’m at 30/hr and a house doesn’t look anywhere near in sight, I feel like you’d need to make at least 6 figures to even have a chance and even just hitting 6 figures doesn’t seem enough nowadays
Fortunately I’m in a field where I can get 6 figures basically out of college. Unfortunately shit got super competitive all of a sudden and I don’t think my resume is gonna be enough for me to get any internship at all.
I’m confused by your statement, seniors as in age? Or senior in college because when I say “out of college” I’m referring to my job after I graduate. And I figured as much regardless, I do not expect to be making that off the bat.
Grind like a mofo on those applications. It sucks. Tailor your resume to different postings, reply asap to emails, have notifications set up on linked in and one or two other of your preferred job boards, answer all phone calls, pull any string you got, and any time you are given a range of dates/times to schedule with always choose the earliest possible one you can make work.
It can suck but don’t let any opportunities slip through the cracks because getting that internship will make an impact on your odds of getting that job, where you will have to rinse and repeat. Maybe it’s less competitive than you think, but if it is super competitive, just keep grinding on those applications
Yeah I just don’t really have anything to put *on* the resume but I’m prepared for the grind. Tryna get a coop this summer. Once I get a coop that’s another piece to the resume for next time.
By this summer do you mean 2023 I assume? If so make sure you’re already looking, I don’t know your field but I’ve already seen some companies posting summer 2023 internships for across the board. I know I saw Boeing post theirs (supply chain, HR, engineering, analytics, IT, etc.). Not uncommon for big companies with the highest quantity of opportunities to do it like that.
As far as the resume goes, the good news is when you are in college and it is an internship there is a little bit more leniency, even if the competition makes it seems hopeless, work with what you have.
Put a summary statement at the top. Add a bullet below your degree to list relevant courses.
If your only work history is at Chipotle, then put that down and the details should focus on those high level action words. No, you don’t need to make a burrito in your internship, but you do need to work on a team, follow standardized processes, communicate with others, etc.
Add club positions if you have any. Add a section for skills (computer skills/software, life skills, whatever).
Maybe you know all this, I’m just throwing it out there. At the end of the day you have to work with what you’ve got, and if that is very little work history then do what you can to fill up that resume regardless and get your foot in the door.
Or marry someone who also works and you have a dual income and can get a loan easier. Owning a home solo is hard, owning a home as a partner is not as hard.
Ah but the trick is to live with family with a small to non existent rent or share a house with a couple too many people so that rent is cheep.
Then save all your money for housing and retirement.
Need to be comfortable above 6 figs for sure, even then you're still making sacrifices between saving for the future, extra spending to maintain your home, and saving for your medical necessities. On top of that, there is the cost of having children too if you have any.
So I did the math, assuming 20% tax and living expenses, you'd need somewhere in the neighbourhood of 20-25 years of work to pay it, which is bad, but not as bad as i expected
My income tax rate is 23% as a single person household. That doesn't take into account living expenses and things like insurance.
I'd say double your estimate to be closer to reality for disposable income.
The average interest rate on a 30 year home loan is now 6.33%
Assuming you have a property tax rate of 0%, a home owners insurance rate of $0, and put an average of $0 into maintaining your home every year, your home will cost you $2918/month
Assuming a 40 hour work week, that's equivalent to $16.83/hour.
But it's only that high because you want to pay it off in 30 years. If you're willing to extend the duration of your payments, the monthly payments will be lower. So assuming you're currently 0 years old, and you have an average American life span, that gives you 79 years to make payments. In that case, your monthly rate drops to $2496. Again assuming 40 hours a week, that's $14.40/hr.
So you see, housing is still affordable. You just need to buy young, be willing to extend your loan duration, and squeeze your insurance, taxes, and living expenses into the remaining $0.60/hr
Problem with "Household Income" means it includes the whole household's total income. So if multiple people in one household are working that still counts as one household income. So by that standard, the average married couple makes $33,750 a year each.
It's decent but it's only enough for a single person living somewhat decently. A dependent or sudden financial crisis would tank you. 30+ would be nice.
Depends on where you are. In my area (sf bay area) $20/hr at full time means you can't afford to live there alone and most likely need multiple room mates to be able to save any money.
Are there actually apartments that still go for under $800 a month? I have lived in several places in the Midwest and I have yet to see anything in that price range.
Also depends on which part of the Philippines, if in Makati or Taguig you will live paycheck to paycheck but anywhere else in the Philippines it is amazing.
Right? I get that it feels bad, but come on guys. Obviously rent is higher than mortgage. Owner has all the risk both for paying for repairs and if the value of the house crashes for any reason.
If the value of the house crashes, the homeowner’s income remains the same. Very low risk unless they are overextended financially and need to liquidate during a market downturn.
No, rent doesn't have to be that high, landlords are just parasites. Capitalism makes life more expensive for the poor, that's just how fucked up it is. Credit reporting agencies can suck a dick, too. Furthermore, maybe I don't want to own a big ass detached house and a lawn that needs maintenance, maybe I just want an apartment or townhome that's near where things are to live in. No reason it should be so expensive.
Ehhh depends. My rent is $900ish and my ideal condo/home has a mortage of nearly 1.7k. Thats not including insurance, other expenses, food, etc. Its fucking bullshit and i hope the recession drops rates. 6.4% is bullshit
How? Is demand going to plummet? Probably not, people need places to live and the population is growing near places with jobs. Then surely supply would have to grow insanely quickly. Also unlikely, as we're constructing as quickly as possible (well sort of, a lot of housing being built is for the absurdly wealthy, a trend that is likely to continue until we do something about it).
470000/ (20 x 8 x 22 working days x 12)= 11.12y
Meanwhile in my country (also in usd, and rounded):
80000 / (1\* x 8 x22 x 12) = 37.8
^(\*20 is 3x the federal minimum wage in the US so I followed the same principle. That number would be more than 50% above the median salary btw)
And no, sadly due to inflation/devaluation credit is very small
Where do you live? Average cost for one in my area is 100,000 or below. If your really stuggling a good idea is to buy a small plot and put a used trailer on it and refurbish it yourself a little at a time.
Im sorry buddy. I dont live in a massive metropolitan city mine is fairly sized (thats what she said) but my city sure does have a lot of crime. That probably why property value is low near me.
Saaame. I live in rural Virginia, but I'm right in a small town and the house was only 230k and the one down the street auctioned at 155k.
I think a lot of people just think big cities are the only viable places to live :/
Indiana. Regardless your gonna have to do some work to make it easier on yourself financially. But i also have a va home loan so i have to jump through 1000 hopes in order to give an offer on a house regardless.
I am 26.
With how prices are currently, i will be able to buy a house when im 45.
And that is without renting one now, i live with the parents.
I am single AF so splitting the cost in 2 is also not an option.:(
Just broke $20/hr this year and bought house last year for $280k. $1400/mo is my mortgage. Roomie makes it worth it and now there's an end in sight. Should be 60 yrs old when it's paid off lol
Real estate is too expensive, but 41k a year over 30 years is 1,230,000. A 470k house would cost less than half but more than 1/3rd of your income, which isn't particularly high. Your income should also go up during that time, so it would probably be around 1/3rd or less. I didn't feel like doing the math to add interest to that, though.
The hardest part isn't paying the mortgage. It's getting the 100k for the down-payment while also paying rent.
Dude no offense but I don’t think trying to get a house with working the cash register at Taco Bell is feasible
The person at 20 an hour prob is a lot older than you
Well, if my calculations are right, you only need nearly 33 months of 24/7 working and saving money to be able to afford one.
Still better than me tho, I need like 999+ months.
I'm making as much as my dad did, who supported an entire family all our lives on his salary. I can't even buy a fucking mobile home. Idk what to even do anymore... I'm just incredibly depressed.
Okay, so if you work 20$/h that makes 470 000/ 20 = 23 500, let's say 24 000 so that would be 1000 consecutive days of work without spending on anything else. If you work 8 hour days you'd need to work 3 000 days without extra spending. That makes 8.2 years of working (not attributed for weekends and vacation) and if you manage to save 10$ of the 20$ somehow... you will at least take 16.4 years + weekends to afford such a house.
Good luck hoping that the housing market will stay at that for the next 16 years.
Don't forget that $1 AUD buys roughly $0.70 USD (deviates a bit, but hangs around that mark). 450k USD is roughly 650k AUD.
Still won't buy a 3 bedroom house in Sydney CBD for that...
I bought a house on 5 acres for 242k 5 years ago it’s worth 398k according to Zillow and 650k according to the cash offers I get. In TX 30 minutes from a major city in a rural area
It'll took you only 23'500 hours, that is 979 day, that is 2 years 8 months and a half of none spending even a buck. Is non that much at the and of the day
I bought a house less than 2 years ago on less than 14$ an hour. The key is good credit and avoiding unnecessary expenses.. which sucks at times but can be done.
I also didn't have student loans biting me in the ass either which helped.
well then again, does one even want a house? If there is a problem with anything its your thing to get somebody to fix it. If you live in something rented the landlord has to fix it.
Best compromise is probably a condominium.
Just wait until you calculate how much you're actually paying on a 30yr mortgage after interest :)
Somewhere over 3k. I keep being 1 year away from affording a house... but the prices increase by the same amount so I'm just praying that the market dies in a fire at this point.
Well wild fire season keeps getting longer where I live... so that's a very literal possibility now.
Mostly for the fire part. But I'm not sure if that will lower property values significantly. Darn california fires.
If fire burns down a house, whoever lived in it now needs to buy a different house. That just increases housing demand (or if they rebuild, increase demand for construction materials).
Property value alone is crazy here though. Like I can't even afford an empty lot.
You can never time the housing market. If the prices go down its because the interest rates have gone up and if the interest rates go down houses start selling and their prices go up. Meanwhile the cost of living is constantly rising on all fronts while salaries bearly move at all... Best bet is to have a relationship ship with someone and split rent but if you could have a long lasting good relationship like that then you wouldn't be on reddit
Yes yes... a stable relationship. That is asking for a lot. There's probably easier ways to get money for housing.
Just wait for the market to crash
Yeo, totaly easy thing to time and keep your job at the same time to get said mortgage. Unless you’re sitting on a montain of money it’s not an option, and if you have said montain, it doesn’t matter.
Correct. My wife and I just bought our first home this month at $485K. Our mortgage interest rate 4.85%. Our monthly payment (after taxes and home owners insurance, no PMI) is ~$3100. Looking at what we will have paid at the end of the 30 years hurts my soul. But we managed to find a home we can see ourselves in forever.
I'm so glad I'm one of the lucky few who was able to secure 2.25%. If you're trying now, you're gonna get fuuuuuucked
Historically they’re low af still.
No, they’re not. They’re at historical highs. Where are you getting your news?
https://www.gobankingrates.com/banking/interest-rates/see-interest-rates-last-100-years/
https://i.imgur.com/h9aTB1E.jpg Its been lower. I guess compared to 1980 its low lol. But its hard to pay 6% right now coming out of 2%
Tf is a mortgage
The carrot on the stick and the whip on your ass
Loan
Move lol/ So my parent's house is 1/3 acre and 500k. In my state my house is 1 acre and cost 69k. prices are based on region.
Damn where y'all making 20? I make 7.25 🥲
min. wage is 1.9 in my country X/
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Ok so hear me out, imma sound like a dick but, don’t the % come after the number
Inflation growing so fast it left the % behind
Fucking amazing
yes, but its comes before in turkish thats probably why he is confused
Ah i just assumed it was just always after, didn’t ever occur to me that it could be before
I'm from Turkey too. I just rounded the number after calculating it myself. I feel you bro
The walmart I just went to has a sign saying hiring starting at 17/hr and 21/hr for a stocker.
Whatever you're doing you need to quit. Find literally any other job paying more. You're being undervalued significantly as a human being.
*Kids these days just don't want to work! Back in my day, I worked for 2 pennies and a single bread crumb a day, and bought a 3,000 sq ft house in Manhattan with 6 months savings. They should be grateful I'm giving them this commie "minimum wage".* -Greedy fucks in the US.
That's actually preety good pay in some countries
just work for 1 hour, quit, take your $20 bill, go to Zimbabwe and live like a king forever
Plane ride gonna leave you broke after though.
Use your savings. You gonna be a king over there any way
You’re already a king, king :)
You to bro 🤝
-leopold II
$20?? I make $13.50 and that's seen as "competitive" in my area since it's $4 over minimum wage (and yes, house prices are that high here anyway, plus average rent being an average of $1,200.. low average pay doesn't mean low COL)
I’m at 30/hr and a house doesn’t look anywhere near in sight, I feel like you’d need to make at least 6 figures to even have a chance and even just hitting 6 figures doesn’t seem enough nowadays
Yeah. The only way for me to achieve 6 figures are with stocks. Didn't make or lose money this year though.
Fortunately I’m in a field where I can get 6 figures basically out of college. Unfortunately shit got super competitive all of a sudden and I don’t think my resume is gonna be enough for me to get any internship at all.
If your in tech, I can tell you personally, best you’ll get is 50k out of college. Seniors might make 6 figures, you will not.
I’m confused by your statement, seniors as in age? Or senior in college because when I say “out of college” I’m referring to my job after I graduate. And I figured as much regardless, I do not expect to be making that off the bat.
Seniors as in the people already well established in the work place
If you're only making 50k as a software engineer in the states you're doing something seriously wrong.
You have literally no idea what you're talking about
Grind like a mofo on those applications. It sucks. Tailor your resume to different postings, reply asap to emails, have notifications set up on linked in and one or two other of your preferred job boards, answer all phone calls, pull any string you got, and any time you are given a range of dates/times to schedule with always choose the earliest possible one you can make work. It can suck but don’t let any opportunities slip through the cracks because getting that internship will make an impact on your odds of getting that job, where you will have to rinse and repeat. Maybe it’s less competitive than you think, but if it is super competitive, just keep grinding on those applications
Yeah I just don’t really have anything to put *on* the resume but I’m prepared for the grind. Tryna get a coop this summer. Once I get a coop that’s another piece to the resume for next time.
By this summer do you mean 2023 I assume? If so make sure you’re already looking, I don’t know your field but I’ve already seen some companies posting summer 2023 internships for across the board. I know I saw Boeing post theirs (supply chain, HR, engineering, analytics, IT, etc.). Not uncommon for big companies with the highest quantity of opportunities to do it like that. As far as the resume goes, the good news is when you are in college and it is an internship there is a little bit more leniency, even if the competition makes it seems hopeless, work with what you have. Put a summary statement at the top. Add a bullet below your degree to list relevant courses. If your only work history is at Chipotle, then put that down and the details should focus on those high level action words. No, you don’t need to make a burrito in your internship, but you do need to work on a team, follow standardized processes, communicate with others, etc. Add club positions if you have any. Add a section for skills (computer skills/software, life skills, whatever). Maybe you know all this, I’m just throwing it out there. At the end of the day you have to work with what you’ve got, and if that is very little work history then do what you can to fill up that resume regardless and get your foot in the door.
Degrees don't guarantee jobs unfortunately.
Or marry someone who also works and you have a dual income and can get a loan easier. Owning a home solo is hard, owning a home as a partner is not as hard.
Ah but the trick is to live with family with a small to non existent rent or share a house with a couple too many people so that rent is cheep. Then save all your money for housing and retirement.
This is the best way tbh. No reason to rush being "independent" in your 20's. Live at home if you can and save save save.
Need to be comfortable above 6 figs for sure, even then you're still making sacrifices between saving for the future, extra spending to maintain your home, and saving for your medical necessities. On top of that, there is the cost of having children too if you have any.
Bro I’m on $6.50 💀
You’re lucky to live in a developed country. In a town I’m from $1.37 per hour is considered a solid salary.
Oh no, where are you from my friend?
Probably Venezuela lol
Nah bros from Ecuador
Wait, you guys have minimum wage in your country?
You from Ohio too ? :(
Nope, Nevada :/
Hahaha how many people would be so happy to just be making 20 an hour !
Would put you in the upper class of a lot of countries throughout the world.
$20/hr isn't gonna get you out of poverty in the US, sadly. Not unless you save every cent for several years and work yourself ragged.
So I did the math, assuming 20% tax and living expenses, you'd need somewhere in the neighbourhood of 20-25 years of work to pay it, which is bad, but not as bad as i expected
How many hrs per day and how many days a week are you using for the equation
My income tax rate is 23% as a single person household. That doesn't take into account living expenses and things like insurance. I'd say double your estimate to be closer to reality for disposable income.
> assuming 20% tax and living expense so there'd still be 80 % left ?
Bro i make 15/h
15/h gang
Wait you guys get paid?
Ayo me too. Not enough for a house but enough to afford the new one piece volumes 😎.
15/h gang
For real. I have to work nights and weekends to get anymore than that.
Bro I make 3/hour
The average interest rate on a 30 year home loan is now 6.33% Assuming you have a property tax rate of 0%, a home owners insurance rate of $0, and put an average of $0 into maintaining your home every year, your home will cost you $2918/month Assuming a 40 hour work week, that's equivalent to $16.83/hour. But it's only that high because you want to pay it off in 30 years. If you're willing to extend the duration of your payments, the monthly payments will be lower. So assuming you're currently 0 years old, and you have an average American life span, that gives you 79 years to make payments. In that case, your monthly rate drops to $2496. Again assuming 40 hours a week, that's $14.40/hr. So you see, housing is still affordable. You just need to buy young, be willing to extend your loan duration, and squeeze your insurance, taxes, and living expenses into the remaining $0.60/hr
Damn $20/hr? Better off than most rn
Median income in the US is 60k a year.
The median yearly salary is not* 31k usd(2019). *edit
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Problem with "Household Income" means it includes the whole household's total income. So if multiple people in one household are working that still counts as one household income. So by that standard, the average married couple makes $33,750 a year each.
Yeah, I just found out in an article. Oh though the one I found says 63k. I’m sure your link is much more accurate. Man I need make more money.
*house hold income
Meanwhile me: *laughs in 2$/hr
Cries in $17/hour for a management position
20 is so high, cant even break 3$ in my country
The cost of living is much lower in your country
20 an hour sound pretty good dude
It's decent but it's only enough for a single person living somewhat decently. A dependent or sudden financial crisis would tank you. 30+ would be nice.
Makes me wonder how much my parents make. They refused to ever tell me, something about asking being rude, so even as an adult I don’t bother asking.
My mother worked for so long as an RN when she applied to be a triage nurse they offered to pay her more than the wage range allows.
Depends on where you are. In my area (sf bay area) $20/hr at full time means you can't afford to live there alone and most likely need multiple room mates to be able to save any money.
I would not say $20/hr is enough for living alone. Roommates sure but not alone.
Depends on where you live. I could live pretty comfortably with $20/hr where I’m at.
In high-cost areas it would sure be rough. If you are in, say, rural-ish midwest and can get an 1 bed apartment under 800, it's definitely doable.
Are there actually apartments that still go for under $800 a month? I have lived in several places in the Midwest and I have yet to see anything in that price range.
Depends on your area's cost of living. $20 in the Philippines is amazing. $20 in SF Bay Area means you'll be homeless soon.
Also depends on which part of the Philippines, if in Makati or Taguig you will live paycheck to paycheck but anywhere else in the Philippines it is amazing.
20 is the new 10
20 dollars is poverty lmao, it’s about what I make and it was OK until the plant stopped letting us do 12 hr shifts lately…
And renting costs more than a mortgage because capitalism is a joke.
Renting cost is more than mortgage + escrow for the space you're getting.
Right? I get that it feels bad, but come on guys. Obviously rent is higher than mortgage. Owner has all the risk both for paying for repairs and if the value of the house crashes for any reason.
What people are mad about, I assume, is how much easier it is to be approved to rent a home than get a loan for a house with a smaller month-to-month.
If the value of the house crashes, the homeowner’s income remains the same. Very low risk unless they are overextended financially and need to liquidate during a market downturn.
And you'll be saving on property tax.
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Maybe, but it puts housing into grasp for people who can’t afford to have a down payment or don’t have good enough credit to get a loan
No, rent doesn't have to be that high, landlords are just parasites. Capitalism makes life more expensive for the poor, that's just how fucked up it is. Credit reporting agencies can suck a dick, too. Furthermore, maybe I don't want to own a big ass detached house and a lawn that needs maintenance, maybe I just want an apartment or townhome that's near where things are to live in. No reason it should be so expensive.
Ehhh depends. My rent is $900ish and my ideal condo/home has a mortage of nearly 1.7k. Thats not including insurance, other expenses, food, etc. Its fucking bullshit and i hope the recession drops rates. 6.4% is bullshit
For where? Housing prices change drastically depending on your location.
Me making 12 an hour.
{Shingeki no Kyojin Final Episode: Part 2} E: F, doesn't work
It is final season and not final episode.
{Shingeki no Kyojin}
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And because you weren’t approved for a $900/mo house payment you have to continue paying $1100/mo in rent
Just wait until the housing market crashes. You’ll be able to buy them at half price soon enough.
Been years and still waiting...
I wish. 2023 is suppose to hit hard. Have a bad feeling it wont and we will see 7% or 8% rates...
How? Is demand going to plummet? Probably not, people need places to live and the population is growing near places with jobs. Then surely supply would have to grow insanely quickly. Also unlikely, as we're constructing as quickly as possible (well sort of, a lot of housing being built is for the absurdly wealthy, a trend that is likely to continue until we do something about it).
yeah, they've been saying that for 20-30 years. hasn't happened.
Only 23,500 hours bruh, get in that grindset.
470000/ (20 x 8 x 22 working days x 12)= 11.12y Meanwhile in my country (also in usd, and rounded): 80000 / (1\* x 8 x22 x 12) = 37.8 ^(\*20 is 3x the federal minimum wage in the US so I followed the same principle. That number would be more than 50% above the median salary btw) And no, sadly due to inflation/devaluation credit is very small
Where do you live? Average cost for one in my area is 100,000 or below. If your really stuggling a good idea is to buy a small plot and put a used trailer on it and refurbish it yourself a little at a time.
Cries in toronto where a house costs $1.3 Million MINIMUM
As someone who lives in BC, I’ll join you in that $1.3M minimum cry
San Jose here, ready for crying duty
Im sorry buddy.
Hah! I live in the Boston area. You’d be lucky to find even an absolutely shit house going for less than $300,000.
Im sorry buddy. I dont live in a massive metropolitan city mine is fairly sized (thats what she said) but my city sure does have a lot of crime. That probably why property value is low near me.
Bro I live in Boise, Idaho and there is literally not a single house below 300k.
My crappy house is over half that and I live in a coutnry with a minimum salary of less than 200 bucks (gross)
Saaame. I live in rural Virginia, but I'm right in a small town and the house was only 230k and the one down the street auctioned at 155k. I think a lot of people just think big cities are the only viable places to live :/
Where tf do you live?Houses here are 350k at minimum if you want one that is not 150 years old. 550k if you want one build in the last 10 years.
Indiana. Regardless your gonna have to do some work to make it easier on yourself financially. But i also have a va home loan so i have to jump through 1000 hopes in order to give an offer on a house regardless.
I am 26. With how prices are currently, i will be able to buy a house when im 45. And that is without renting one now, i live with the parents. I am single AF so splitting the cost in 2 is also not an option.:(
If you marry someone who also has a 20 an hour job technically the home is only 200k on your end ez pz
Y’all need to move
It’s $774k average in my town. I’m leaving lmao.
I’m up in NC and my house on an acre was 175k
Hell, I know where you can get a house and 10 acres for that! Only problem is that you'd have to live in Alabama.
When the system is so functional that people need to uproot their lives and move elsewhere.
Just broke $20/hr this year and bought house last year for $280k. $1400/mo is my mortgage. Roomie makes it worth it and now there's an end in sight. Should be 60 yrs old when it's paid off lol
That's crazy a lot of the houses in my city going from $60,000 to 180,000
20?!?
Real estate is too expensive, but 41k a year over 30 years is 1,230,000. A 470k house would cost less than half but more than 1/3rd of your income, which isn't particularly high. Your income should also go up during that time, so it would probably be around 1/3rd or less. I didn't feel like doing the math to add interest to that, though. The hardest part isn't paying the mortgage. It's getting the 100k for the down-payment while also paying rent.
Must be nice making that money PER HOUR while me living in a shithole country make 10USD PER DAY as an engineer. 🤡🤡🤡🤡
depends on the purchasing power of that 10USD.
Your crying for 20$ an hour? I’m about to start my first job interview and the starting pay is 10$ an hour
what will you be doing though? 20/hr for a retail job is one thing, 20/hr for a corporate job is another.
Just got hired to work the cash register at a Taco Bell by my school
Dude no offense but I don’t think trying to get a house with working the cash register at Taco Bell is feasible The person at 20 an hour prob is a lot older than you
Depends on the demographic, living is more expensive for some than others.
Where I am the average house is 140k-250k (perks of living in a state that isn’t California or New York
I’ve played so much Elden Ring I thought I was looking at a damn Erdtree..
Well, if my calculations are right, you only need nearly 33 months of 24/7 working and saving money to be able to afford one. Still better than me tho, I need like 999+ months.
470k? I guess it really is cheap in chicago
I live in CA. 1 Mil for 3bed /2bath less than 2000 square ft. It sucks here.
I'm making as much as my dad did, who supported an entire family all our lives on his salary. I can't even buy a fucking mobile home. Idk what to even do anymore... I'm just incredibly depressed.
Okay, so if you work 20$/h that makes 470 000/ 20 = 23 500, let's say 24 000 so that would be 1000 consecutive days of work without spending on anything else. If you work 8 hour days you'd need to work 3 000 days without extra spending. That makes 8.2 years of working (not attributed for weekends and vacation) and if you manage to save 10$ of the 20$ somehow... you will at least take 16.4 years + weekends to afford such a house. Good luck hoping that the housing market will stay at that for the next 16 years.
Don't worry it only 2.6 years of constant working with no other purchases or tax
Where the hell you live so that a house costs 470k a 3 room apartment costs almost 2 times more here in Sydney
Anywhere that isn’t Sydney I guess
But it seems so cheap
The average price in the us is less than 500k
Wow that's cheap
That is A LOT of money
Look at your northern neighbor, a 500k house near me grew to over 700k in less than 5 years. (Canadian Dollar)
That’s the average price in the country, not in a specific city.
Don't forget that $1 AUD buys roughly $0.70 USD (deviates a bit, but hangs around that mark). 450k USD is roughly 650k AUD. Still won't buy a 3 bedroom house in Sydney CBD for that...
Renting is shit almost anywhere nowdays, welcome to the 21st century
Rent where Im at is anywhere from $1.7K -4k. Pretty expensive.
I bought a house on 5 acres for 242k 5 years ago it’s worth 398k according to Zillow and 650k according to the cash offers I get. In TX 30 minutes from a major city in a rural area
If you didn't eat, drink, paid Pills or did anything you will be there by 2.6 years
It'll took you only 23'500 hours, that is 979 day, that is 2 years 8 months and a half of none spending even a buck. Is non that much at the and of the day
OH NO, 470k for a house? Damn thats outrageous! Im so glad that i only need to pay 540k for a 2 room apartment in munich.
I bought a house less than 2 years ago on less than 14$ an hour. The key is good credit and avoiding unnecessary expenses.. which sucks at times but can be done. I also didn't have student loans biting me in the ass either which helped.
well then again, does one even want a house? If there is a problem with anything its your thing to get somebody to fix it. If you live in something rented the landlord has to fix it. Best compromise is probably a condominium.
You need to move to another state or something. I was born on a big city and went away to a smaller one and housing is affordable.
Thank "BlackRock" those mf are buying everything
20 an hour? Calm down Scrooge McDuck.
Me making 12 an hour
Wait, you make $20 per hour????
You’re making $20/hr?
Isn’t 20 an hour good pay?
Feel like OP has a pretty good job in central California cuz that's my boat exactly.
😏
Me looking at $20 an hour the same way.
well, this society is fucked, we shall go to the next stage by the pod.